The accountants for Jones Brothers Limited (‘the company’) h…
The accountants for Jones Brothers Limited (‘the company’) have produced the following figures relevant for calculating the company’s corporation tax for its accounting period ending 31 March 2021. a) The company has received rental income from a tenant of £18,500. b) The company has income receipts from its business sales of £728,000; c) There are deductible capital allowances for the year of £19,750 d) The company has paid remuneration to its directors of £194,000; and e) The company has paid salaries of employees and pension payments for employees to an approved scheme totalling £155,000. In addition to the above figures, the company has sold some surplus land and has made a chargeable gain of £133,000. It has no plans to buy any replacement business assets. The company has paid dividends to shareholders of £75,000. The company has made a charitable donation to its chosen charity of £5,750. Please calculate the company’s liability for corporation tax.
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